The NYT is worried that China doesn't want to finance our debt, which, we are taught, is one of the Seven Signs of the Apocolypse. Brad Stetser, who is insanely smart and insanely young, says that they do, just not at the unsustainable levels that have been going on.
This story, like most stories of high finance, reminds me that I never again want anybody tell me that people are poor because they're stupid with their money. The geniuses that run the global economy have been riding an unsustainable wave of crazy for the last few years and have done nothing with it except buy the global financial genius equivalent of flare guns, pornography and Southern Comfort. People are stupid with money. Period. The rich are just too big too fail.
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